Crypto Daily | Binance Rolls Out $400M Recovery Plan Following $19B Crypto Crash; Coinbase Invests in CoinDCX at $2.45B Valuation

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Binance to Allocate $400M to Compensate Users Over Forced Liquidations

Crypto exchange Binance is injecting another $400 million back into the hands of users following the record-breaking $19 billion of liquidations that rocked crypto markets last week, sending prices of top assets plunging. 

The exchange and other BNB ecosystem firms have now earmarked more than $700 million in compensation for affected users as a result of the recent liquidations, after already committing a separate $283 million to reimbursements.

“Talk is cheap,” posted Binance co-founder and former CEO Changpeng “CZ” Zhao on X. “$283 million compensation on Binance, $45 million recovery airdrop on BNB Chain and Four Meme, another $400 million recovery airdrop on Binance. Protect users.”

Stripe's Stablecoin Arm Seeks National Trust Bank Charter for Operations Under Federal Purview

Bridge, the stablecoin infrastructure arm of Stripe, has submitted an application to the Office of the Comptroller of the Currency to organize a national trust bank as competition in the sector continues at a steady pace.

Once approved, the charter would allow Bridge “to operate under a unified federal framework consistent with the GENIUS Act,” co-founder Zack Abrams stated on X.

The proposed Bridge National Trust Bank would enable Stripe to issue, redeem, and custody stablecoins within a federally regulated framework, instead of going through state-level money-transmitter licenses.

Republican Bill Aims to Make Trump's Bitcoin and Crypto 401K Order Federal Law

Rep. Troy Downing is introducing a bill to give President Trump’s crypto retirement executive order the force of federal law.

The order, signed in August, encouraged 401(k) providers to offer exposure to crypto and other alternative assets.

The $25 trillion U.S. retirement savings industry could inject huge amounts of capital into crypto, but also expose retirees to greater risk.

Circle Can Withstand Rate Cuts as Stablecoin Demand Grows: Bernstein

Wall Street broker Bernstein said Circle could take a revenue hit if U.S. rates fall sharply, but strong stablecoin demand and operating leverage may help soften the blow.

Every 25 basis point drop in rates would trim 2027 revenue by about 9% and EBITDA by 11%, with rates below 2% implying $668 million in EBITDA and 33% compound annual growth (CAGR) from 2024 to 2027, analysts led by Gautam Chhugani wrote in the Tuesday report.

The broker has an outperform rating on Circle stock with a $230 price target. The stock closed 2.2% lower on Tuesday at $134.46.

Bitcoin Miner IREN Stock Price Target Doubled by Cantor Fitzgerald

Hot-handed bitcoin miner turned AI infrastructure play IREN continues to have major upside, according to Wall Street brokerage Cantor Fitzgerald.

"Over the past several months, IREN has heavily leaned into its AI Cloud Services segment," wrote analyst Brett Knoblauch. "This is a business that we believe will ultimately closely resemble that of CoreWeave."

Knoblauch more than doubled his price target to $100 from $49, suggesting 44% upside from Tuesday's close of $69.56. The stock is higher by 608% since starting the year just above $10.

Coinbase Invests in CoinDCX at $2.45 Billion Valuation

Coinbase announced Wednesday that it is making an investment in CoinDCX crypto exchange to expand its presence in India and the Middle East.

Coinbase previously invested in CoinDCX via Coinbase Ventures, participating in multiple funding rounds since 2020.

The financial terms of the investment were not disclosed, while CoinDCX Co-founder and CEO Sumit Gupta said that the transaction values the exchange at $2.45 billion post-money. The deal remains subject to regulatory approval for closure.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $102.58 million. The total net asset value of Bitcoin spot ETFs is $153.55 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.82%.

The Bitcoin spot ETF with the highest net inflow on October 14 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $132.67 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Friday was $236.22 million. The total net asset value of Ethereum spot ETFs is $28.02 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.64%.

The Ethereum spot ETF with the highest net inflow on October 14 was Fidelity Ethereum Fund (FETH), with a net inflow of $154.62 million, according to SoSoValue.

Source: SoSoValue